: Enable the "Back material" option and link a different diffuse texture if the back needs unique printing.

If you are looking for structural "paper" for model construction within a virtual sandbox: Use "card stock" grade simulation.

: Link a bitmap texture to the Diffuse map slot of the front material.

If your goal is to create a physical-looking paper object (like a newspaper or letter) within a scene:

The extension .var in the context of VaM indicates a file.